Volvo also raised its North American commercial-vehicle market forecast, citing a "robust manufacturing environment" as consumer spending bolsters US economic growth. Industrywide deliveries in the region will total 310,000 vehicles compared with an earlier forecast of 280,000 trucks. The European market will rise to 240,000 vehicles from the 228,000 delivered last year, versus an earlier forecast of no growth.

"We do see some light spots in the economy and also in the truck market" in Europe, Persson said on a conference call with reporters.

While the North American outlook was as expected, "the European forecast seems ambitious, as it assumes very strong demand during the second half of 2015", Wodniok said.

US gross domestic product expansion in 2015 will probably accelerate to 3.2 percent, the fastest pace in 10 years, from 2.4 percent last year, according to economists surveyed by Bloomberg News. An index compiled by the University of Michigan showed US consumer confidence at an 11-year high in January.

Volvo owns the Mack commercial-vehicle brand in the US.

Volvo's truck orders in the fourth quarter rose 16 percent, bringing full-year advance sales contracts to a 3 percent gain for a total of almost 220,000 vehicles.

German carmaker Daimler AG said earlier that global orders at its truck division, the world's biggest manufacturer of the vehicles, surged 45 percent.